Derdenrekening
Third-party account
A third-party account is a bank account maintained by a lawyer or civil-law notary to hold and administer funds belonging to clients or other third parties, separate from the lawyer’s or notary’s own assets.
A third-party account serves to safeguard client funds and to segregate them from the private assets of the legal professional. This prevents the commingling of funds and provides protection in the event of any financial difficulties of the lawyer or notary.
In practice, the third-party account is used to receive and disburse sums such as damages, purchase prices or escrow funds. The regulations of the Netherlands Bar Association require that such accounts be maintained by lawyers who administer client funds.
The third-party account is significant because it strengthens confidence in the legal profession and protects clients against the misappropriation or loss of their monies.
“The lawyer has deposited the received compensation directly into the third-party account.”
Need legal advice?
Schedule a free consultation with one of our specialists